How this calculator works
Your down payment is the part of a home's purchase price you pay without borrowing. Enter a home price and a down-payment percentage to see both that cash amount and the remaining purchase-price loan balance. The financed percentage is simply 100% minus your down-payment percentage.
Think of this as a starting budget, not the complete cash you need to buy a home. Closing costs are separate from the down payment, and lender fees or financed charges can change the final loan balance. This calculator does not determine whether a lender will approve a loan, whether mortgage insurance applies, or what your monthly housing payment will be.
Worked example: 20% down on a $300,000 home
- Convert 20% to 0.20.
- Multiply $300,000 × 0.20 = $60,000 down.
- Subtract $60,000 from $300,000 = $240,000 financed.
A $60,000 down payment leaves a $240,000 purchase-price loan balance (80% financed).
Comparing down payments on a $300,000 home
| Down % | Down payment | Loan balance |
|---|---|---|
| 5% | $15,000 | $285,000 |
| 10% | $30,000 | $270,000 |
| 15% | $45,000 | $255,000 |
| 20% | $60,000 | $240,000 |
Do not confuse down payment with cash to close
Having the down payment saved does not mean you have all the cash needed at closing. Budget separately for transaction costs and reserves, then check the actual figures in your lender's documents.
Questions people ask
- Does this calculate a monthly mortgage payment?
- No. It calculates the down payment and purchase-price loan balance. Enter that balance, a fixed interest rate and a term in the loan calculator for an estimated principal-and-interest payment.
- Do I always need 20% down?
- No universal percentage applies to every loan. Options depend on the loan program, lender and eligibility. Compare actual lender terms rather than assuming the example percentage is required.
- Are taxes and insurance included?
- No. The loan balance shown is home price minus down payment, with no closing costs, taxes, insurance or other charges.